Togo's Sandwiches acquired equipment on April 1, 2021, for $15,000. The company estimates a residual value of $1,400 and a five- year service life. Required: Calculate depreciation expense using the straight-line method for 2021 and 2022, assuming a December 31 year-end. 2021 2022 Depreciation expense
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- Depreciation for Partial Periods Storm Delivery Company purchased a new delivery truck for $69,000 on April 1, 2019. The truck is expected to have a service life of 10 years or 150,000 miles and a residual value of $3,000. The truck was driven 8,000 miles in 2019 and 20,000 miles in 2020. Storm computes depreciation expense to the nearest whole month. For each method, what is the book value of the machine at the end of 2019? At the end of 2020? (Round your answers to the nearest dollar.) Double-declining-balance method 2019 $ fill in the blank 13 2020 $ fill in the blank 14 Activity method 2019 $ fill in the blank 15 2020 $ fill in the blank 16On July 1, 2020 ABC Company acquired vehicle costing $750,000. The management estimates that they can use it for 10 years and will be able to sell it at $75,000 at the end of its life Questions:1) Depreciation Expense for 20202) Accumulated Depreciation- December 31,20213) Adjusting Journal Entry on December 31,20204) Book value- December 31,2021Blossom Enterprises purchased equipment on January 1, 2020, at a cost of €405,000. Blossom uses the straight-line depreciation method, a 5-year estimated useful life, and no residual value. At the end of 2020, independent appraisers determined that the assets have a fair value of €330,000. . Prepare the journal entry to record 2020 depreciation using the straight-line method. Account Titles and Explanation Debit Credit Depreciation Expense Accumulated Depreciation-Equipment (To record depreciation expense) please help me fill the table
- Depreciation for Partial Periods Bean Delivery Company purchased a new delivery truck for $42,000 on April 1, 2019. The truck is expected to have a service life of 5 years or 120,000 miles and a residual value of $3,000. The truck was driven 8,000 miles in 2019 and 16,000 miles in 2020. Bean computes depreciation expense to the nearest whole month. Required: 1. Compute depreciation expense for 2019 and 2020 using the following methods: (Round your answers to the nearest dollar.) a. Straight-line method 2019 2020 b. Sum-of-the-years'-digits method 2019 2020 c. Double-declining-balance method 2019 2020 d. Activity method 2019 2020 2. For each method, what is the book value of the machine at the end of 2019? At the end of 2020? (Round your answers to the nearest dollar.) a. Straight-line method 2019 2020 b. Sum-of-the-years'-digits method 2019 2020 c. Double-declining-balance method 2019 2020 d. Activity method 2019 2020 $Subject :- AccountingRevision of Depreciation On January 1, 2021, Blizzards-R-Us purchased a snow-blowing machine for $85,000. The machine was expected to have a residual value of $5,000 at the end of its 5-year useful life. On January 1, 2023, Blizzards-R-Us concluded that the machine would have a remaining useful life of 6 years with a residual value of $770. Required: Determine the revised annual depreciation expense for 2023 using the straight-line method.
- On January 1, 2024, Canseco Plumbing Fixtures purchased equipment for $38,000. Residual value at the end of an estimated 7 year service life is expected to be $10,000. The company expects the equipment to operate for 12,000 hours. Required: a. Calculate depreciation expense for 2024 and 2025 using sum-of-the-years'-digits, assuming the equipment was purchased on January 1, 2024. b. Calculate depreciation expense for 2024 and 2025 using sum-of-the-years'-digits, assuming the equipment was purchased on March 31, 2024. Complete this question by entering your answers in the tabs below. Required A Required B Calculate depreciation expense for 2024 and 2025 using sum-of-the-years'-digits, assuming the equipment was purchased on January 1, 2024. Sum-of-the-years' digits depreciation 2024 2025 Depreciable Base x Rate per Year = Depreciation Expense x x =Depreciation for Partial Periods Storm Delivery Company purchased a new delivery truck for $45,000 on April 1, 2019. The truck is expected to have a service life of 10 years or 90,000 miles and a residual value of $3,000. The truck was driven 8,000 miles in 2019 and 14,000 miles in 2020. Storm computes depreciation expense to the nearest whole month. Required: Compute depreciation expense for 2019 and 2020 using the following methods: (Round your answers to the nearest dollar.) Straight-line method 2019 $ fill in the blank 1 2020 $ fill in the blank 2 Sum-of-the-years'-digits method 2019 $ fill in the blank 3 2020 $ fill in the blank 4 Double-declining-balance method 2019 $ fill in the blank 5 2020 $ fill in the blank 6 Activity method 2019 $ fill in the blank 7 2020 $ fill in the blank 8 For each method, what is the book value of the machine at the end of 2019? At the end of 2020? (Round your answers to the nearest dollar.) Straight-line method…Dove Ltd purchased new equipment on 1 July 2016, at a cost of $500,000. The company estimated that the equipment has a residual value of $80,000. The equipment is expected to be used for 6 years. Required: Assuming the financial year ends on 30 June, calculate the depreciation expense using sum-of-years digit methods for years ended 2018 to 2020. Please show the calculation of the sum-of-years digit and depreciable amount. Note: The depreciation table is not required.
- Spiral Company uses the sun-of-the years’ digits method to depreciate equipment purchased in January 2021 for P20,000. The estimated residual value of the equipment is P2,000 and the estimated useful life is 4 years. What should Spiral Company report as the asset’s carrying amount as of December 31, 2023? a. 1,800 b. 2,000 c. 4,500 d. 3,800Please avoid solutions image based thanxBatman Inc. uses revaluation accounting for its Machinery. The following information has been provided. July 7, 2022: Purchased Machinery for $250 000 on account. Estimated Useful Life: 10 years Residual Value: $0 Depreciation Method: Straight-line (nearest full month) Frequency of Revaluation: Annually Valuation Data July 7, 2022: $250 000 December 31, 2022: $234 000 December 31, 2023: $220 000 Prepare all necessary journal entries at December 31, 2022 and 2023.